US Tax Changes And Cryptocurrency Exemptions 2018

There has been some news coming out that the US will be changing its considerations for what is exempted as a like-kind exchange of property. In regards to cryptocurrency this could have repercussions to those who trade currencies.

It is looking like Like-Kind Exchanges may soon only pertain to physical real estate investments, and same for same coin/token exchanges.

Please consult with your accountant or tax preparer to learn more about how these changes could effect you in 2018.

It’s like, US: “Look at what I just materialized!” IRS: “Oh yeah, um, that’s mine too.” US: “How? You had NOTHING to do with it’s creation and NOTHING to do with the RISK it took to attain this.” IRS: “The majority of you sheep will comply because the lack of Backbone. So, we (IRS) will TAKE ANYTHING from you that we want!”

Wait… Some of you sheeple still pay taxes? In other words, you are funding the very government that is depriving you of your rights, flooding your borders, disrupting the peace, poisoning your everything, and generally doing everything (((they))) can to destroy you? In short, you are funding your own genocide. And if you don’t pay up, the big bad wolf is going to come blow your house in.

Newsflash: your taxes are not being spent on improving infrastructure, schools, parks, protection or anything else they once sold us all on. I mean, some of us woke up and grew a pair, but sheep will be sheep.

The petrified and utterly blind little Goyim are going to continue falling right in line no matter how obvious (((they))) make it that they want you destitute, disenfranchised, displaced, and ultimately dead.

This is going to be impossible to enforce, as many of the trades that take place are on non-US exchanges. Cryptopia is in NZ, for example, there are tons of Asian exchanges, as well as in Europe. Are all of these exchanges going to have to give all of their data to the IRS? Can they do that without violating data privacy laws in their respective countries? If the US claims a tax is owed, how can they verify that the data as reported is accurate?

I do not see how they can tax these technologies. How is a cryptocurrency trade a taxable item? How does this affect non-US traders? How does one determine the tax amount owed? Also, crypto markets are so volatile, it might be difficult to accurately assign a fiat value to the coin. This is an attack on the cryptomarkets as I see it, and it is an attack on the development of blockchain technologies. Look for privacy coins – maybe hold onto your depreciated XVG :-).

If anything, this kind of move disadvantages the US individual and corporate investors in crypto markets. Crypto will continue to surge, perhaps with Asia leading the way.

I’m in no way defending the IRS, but the only “teeth” the IRS has is when people who make “gains” from crypto then transfer back to USD, thats where they get you. So…. it kind of makes sense for people who are deep into crypto to stay into crypto, but… everyone wants to take their gains back to USD to buy their lambo, pay of house, be paper rich etc. Hence the problem with crypto, NO ONE IS USING IT practically. unless you’re a hybrid drug dealer/user who is playing the crypto game and staying inside the crypto world and never try to exit out. In a weird way, I think the fact that the IRS is going balls deep into this will make people hold their ‘wealth’ in crypto. Perhaps there is a silver lining to this. The whole taxation thing is what kicked off the revolution with the tea party, maybe this is what lends legitimacy for people opting to stay in crytpo. (this was just an off the cuff response without deeper thoughts on the ramifications)

Victor Hogarth You My Brother are absolutely Right! They do not overstand that to collapse that corruption, one must stop feeding it. Maybe the lambo and other bullshit MEMEs are to do exactly what they are doing. Getting people to cash out and BUY more with Fiat. It’s still early on so, hopefully they wake up. Salute Bradda

It’s going to take the IRS at least a year to understand blockchain and crypto to even enforce the law. Which exchange price are they going to use since exchanges will have various prices for the same altcoin? How are they going to get a copy of user transactions from Korean or Chinese exchanges? Of the thousands of coins, who is going to track prices and their delta to other coins? What happens when I exchange my coins so that I can build on a specific altcoin’s platform (i.e. I use AdEx to track marketing ROI on the blockchain? The IRS has to understand crypto and blockchain first before they can implement this. It’ll take them a while to implement this.

Not easy to NOT be a USA citizen. Look up Roger Ver and the process one has to go through in order to NOT be a USA citizen anymore. The USA government wants tax money and they won’t grant you freedom if they know you have money to be taxed.

I thought about the same thing. SALT and ETHLEND. If you don’t liquidate the entire coin and instead use it as collateral. Folks, this is the best reason to not liquidate (cash out) your coins to pay for things that won’t increase in value. You might as well use these digital assets to grab more assets or use them as collateral to obtain more assets. Keep your day job for now. I’m not a tax or financial advisor but what I am is tired of always being on the losing end of traditional institutions. I’m not against traditional institutions but damn it, I want to win. If the tax laws are being applied to me, I want to win. The best way i see victory is to buy more assets, little by little. I will get my time back in life and I want you all too. I want us all to win!

That’s true, but if the IRS can’t keep up with the audits they currently need to dish out, there’s no way in hell they’ll be going through a back catalog of potentially millions of transactions just to find a few whale offenders anytime soon or in the future.